How is a 3 season porch factored into the market valuation of a home?

Profile picture for lbhawthorne
My friend has a small but lovely home with a 385 sq ft 3-season porch.  It definitely  adds to the home, but how does one go about calculating the additional market value?
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January 31 - Magnolia Heights
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Answers (2)

Profile picture for Wes Black
An appraisal is the way to go if selling the house is in the plan. This way you have a total appraised value of the house for listing purposes and you are ahead of the game.
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February 01
Profile picture for Realtor Alma

Hi LB Hawthorne,

If your friend wants to get a very good idea of value (to sell) she/he may want to pay $350 to a licensed appraiser.  Realtors will give you an opinion but the most accurate way to determine value is from a licensed appraiser.  This is especially important in this market if your friend is planning to sell because you wouldn't want her/him to overprice and not get any offers (and ultimately lower the price below what she could have gotten if priced correctly from the begining) or conversely to leave money on the table if it is underpriced.  If your friend is planning to sell, she can interview 3 Realtors (after she has the appraisal in her hands) and then see what value the 3 Realtors arrive at.  Some Realtors may try to "buy" a listing by overpromising on the price and some other Realtors may recommend a below market price to ensure an easy "quick" sale.  Equipped with an appraisal she can then decide on a Realtor based on that Realtor's experience and success with helping sellers in her area.  The minimal cost of an appraisal will provide a level of "insurance" and will be money well spent.

All the best,
Alma
Alma Rose Kee PA
Future Home Realty

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February 01
 

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